Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on April 22, 2008 Reuben Jeffery III US Under Secretary for Economic, Energy and Agricultural Affairs.

Sh. Movsumov briefed about the Fund's activity, as well as the projects financed by the Fund and management of its assets. He talked about SOFAZ's leading role in implementation of the Extractive Industries Transparency Initiative (EITI), Azerbaijan's representation at the international EITI Board. He noted that on February 13, 2008 Resolution drafted by the government of Azerbaijan was submitted to the UN Secretariat and the discussions on it have already been started. The Executive Director answered the questions of the guests.

The current economical relations between Azerbaijan and USA and development perspectives of these relations were discussed at the meeting. Mr. R. Jeffery III extended his congratulations to SOFAZ Executive Director on the Fund's winning of the prestigious 2007 UN Public Service Award and appreciated the Fund's achievements.